The Central Illinois 9/12 Project became the first to expose — beginning this past March on BigGovernment.com – Shorebank’s extensive green and microfinancing agendas, in anticipation of that bank’s impending bailout. Shorebank, a Chicago-based, community investment bank, is focused on domestic and foreign microfinancing, is heavily engaged in the financing of “green” projects and “green” jobs, and has a host of ties to the Obama and Clinton administrations. The Central Illinois 9/12 Project has most recently highlighted the bank seeking and obtaining funds from larger banks–such as Chase, Banks of America, and Goldman Sachs — to secure the necessary funding to remain viable.
The fact that Shorebank had the opportunity to be rescued while other banks were allowed to fail proved to be curious to Illinois residents, and for a time it was unknown if the bank would receive enough funds from private entities to qualify for a federally-funded bailout. Such curious treatment sent up a red flag for some Congressional members and thus influenced the formation of the financial reform bill. Through an amendment offered by Congresswoman Judy Biggert and Congressman Spencer Bachus, the House Financial Committee voted to approve inquiries into the negotiations between the White House and any bank that had been ordered to cease engaging in unsound banking practice, via an amendment to the House finance reform bill in late June.